CME busheling contract hits year-to-date peaks

Gathering steam. Trading volumes for CME Group’s US Midwest No. 1 busheling ferrous scrap futures contract hit a year-to-date peak during the week beginning Monday February 5, thanks in part to the addition of 1,425 lots – or 28,500 gross tons – on Wednesday February 7. This was the fourth week in a row that trading activity was recorded on the contract, which is based on American Metal Market’s Midwest index for No. 1 busheling.

Piqued interest. Open interest for CME Group’s US Midwest No. 1 busheling ferrous scrap futures contract climbed steadily in the first six weeks of 2018. The contract hit a year-to-date record of 3,967 lots, or 79,340 tons, on Thursday February 8.